Aeroméxico will seek to delist from the Mexican Stock Exchange


Grupo Aeroméxico announced its plans to exit the Mexican Stock Exchange (BMV), which, according to the general director of the stock exchange, José-Oriol Bosch, “is not good news, but the decision responds to its financial restructuring”, so he trusted that the company would return.

The delisting is part of the agreement with its creditors and now shareholders. After the injection of capital for 4,266.8 million dollars, Apollo Global Management is the main shareholder (22.38% of the capital), Delta Airlines kept 20% and the investors led by Eduardo Tricio and Valentín Diez Morodo, were diluted.

In the relevant notice that Aeroméxico sent to the BMV on Friday, June 10, it highlighted that as part of the obligations of the Registration Rights Agreement (RRA, for its acronym in English), it will present a simple declaration of potential registration of its shares before the Securities Commission of the United States of America, no later than December 30, 2022.

The firm said that its delisting will be discussed at the Extraordinary General Assembly of Shareholders on June 27. If approved, only 11 years would have passed since it had been a public company.

The news caused its shares to rise 2.68% in the session last Friday, to 238.40 pesos, and they were among the five most traded.

Aeroméxico joins other companies that have chosen to leave the BMV, at a time when no Initial Public Offerings (IPO) have been registered in five years.

Grupo Lala, Bachoco, Fortaleza Materials and Elementia Materials, Maxcom, Bio Pappel and General de Seguros stand out.

Without conditions

The general director of Barclays Mexico, Raúl Martínez Ostos, assured that these moments are not the best for companies to launch an IPO.

In a conference to discuss the economic prospects for Barclays, he said that although there are several companies with the intention of launching an IPO, “the appetite is limited.”

He commented that although the Mexican market has had a “relatively favorable” behavior against the stock markets of other countries this year, the environment is not favorable to go public.

So far this year, the IPC of the Mexican Stock Exchange (BMV) has fallen 9.01%, while the FTSE of the Institutional Stock Exchange (BIVA) falls 9.90%, lower falls than those of the main indices US stocks.

Martínez Ostos foresaw that the adverse conditions in the Mexican stock market will prevail in the short term, although he hopes that in the medium-long term “the situation will be better” and conditions will once again exist for companies to go public.

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